Lidl U.S. plans to expand its market footprint with the acquisition of Best Market. The agreement includes 27 Best Market stores in New York and New Jersey.
The deal also allows Lidl to expand its regional presence and enter a new market in Long Island.
Lidl plans a step-by-step transition process that will begin next year and will involve the remodeling, reinvestment and reflagging of Best Market stores to converted Lidl stores. All Best Market employees in New Jersey and New York will have guaranteed employment opportunities with Lidl following the transition, the company said.
“Best Market has played an enormously positive role in the area, and we look forward to working closely with Best Market employees to build on that success,” said Johannes Fieber, CEO of Lidl U.S. “We are excited to expand into many great communities on Long Island and across the New York City area and introduce more customers to our simple and efficient approach to grocery shopping, which will mean high quality and huge savings for more shoppers.”
The terms of the acquisition agreement were not disclosed. It is expected to close over the coming months, the company said. Lidl first established its U.S. headquarters in Arlington County, Virginia, in 2015, and currently has more than 50 stores across seven east coast states.